Bithumb, one of the largest exchanges in the world, as in Korea where it’s based, has added one of the more private digital currencies, Zcash, to its platform.
Zcash has been gaining support from exchanges recently, but the addition of it on a major Korean exchange is both a win for Zcash, as well as altcoins, as the country is taking a staunch approach to new ICOs.
Korea still a hotbed for сryptocurrency
Korea has been a big player in the сryptocurrency market, despite the recent crackdown on ICOs. Interestingly however, the crackdown in a country that has such sway did little to affect the price of things like Bitcoin.
It could well be that the crackdown has been welcomed as Korea is trying to slow the monstrous wave of new and unfounded ICOs. This helps legitimize already established coins, such as Zcash, who are continuing to carve their way into the market.
Zcash was also added to another major exchange the day before Bithumb started trading, that of CEX.io, based in England.
Led to a spike
When rumours emerged that Zcash would be added to Bithumb’s listings about a week before the announcement was made, there was a massive spike in price for the anonymous coin.
The market value for Zcash shot up more than 70 percent to nearly $400 per Zcash token, though the price has since fallen back down to around $240.
Why it was accepted
There is a lot to consider before adding a cryptocurrency to an exchange, especially a major one like Bithumb, as some of the newer coins are very unstable.
David Lim, global business development manager at Bithumb, explained that it takes multiple factors into consideration when deciding whether to add a new cryptocurrency: “Bithumb considers the coin’s Security, Technology, and Investment worth when listing a coin,” Lim said. He added that Zcash had met their criteria, noting that “its technology provides the strongest reason.”
Zcash has had some big wins in recent times, none more so than when Apple legitimized it, making the cryptocurrency available on iOS.
Many like Zcash, as it takes special attention to being anonymous. It uses “zero knowledge proofs,” a cutting edge cryptography concept that uses mathematical functions to conceal certain information related to transactions, like the identity of the payer and payee, as well as the amount paid.